Regus is planning to open a luxury serviced office centre at MEPC's former headquarters in St James's Square, London.

Mark Dixon's serviced office company is understood to be in advanced negotiations to take the Grade II-listed 12 St James's Square, totalling 4,645 sq m (50,000 sq ft). Letting agent Knight Frank is quoting £538.20/sq m (£50/sq ft) on the building's best floors.

If the deal completes, Regus will achieve its long-standing aim of securing an office in the square. In October 1997, Regus came agonisingly close to taking space at Grand Metropolitan's former HQ at 20 St James's Square. However, the building's landlords – French institutions GAN and UAP – pulled the plug shortly before the deal was due to be signed, stating that its terms were not compatible with Grand Met's lease.

A deal on number 12 will be one of the first for Regus' new property director, Chris Boulton. He joined Regus last August from CB Hillier Parker, where he was head of West End office agency.

According to one agent: 'Chris has been very active since he joined Regus – knocking on lots of doors.' MEPC moved from 12 St James's Square to Nations House on Wigmore Street in April 1998.

MEPC and Regus were unavailable for comment. Knight Frank refused to comment.

Meanwhile, joint landlords MEPC and Asticus have completed the letting of 90 Long Acre in Covent Garden this week.

US investment bank Capital International has taken 973 sq m (10,472 sq ft), paying £484/sq m (£45/sq ft). Liquor marketing consultancy Camus International has taken 137 sq m (1,480 sq ft) at £280/sq m (£26/sq ft).

Nelson Bakewell acted for Capital International; Adams Burnett represented Campus International. Saxon Law and Richard Ellis acted for MEPC.